Topic: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading - page 275. (Read 723903 times)

I'm not sure you guys should be trading, considering that you don't fully understand the risks you are taking.

This is basic Trading 1-1:

1- Settlement Risk: this is the risk that, when i said that i will sell you 1 BTC for 800USD, someone makes sure that both the BTC and the USD exchange hands for the value agreed

2- Counterparty Risk: this is the risk that both of us are going to actually pay to each other what we said we will pay, and none of us will run away without paying

3- Slippage Risk: this is the risk that, when you put an order in the market @800, you will actually get it filled at 800 and not at 795

4- Volatility Risk: this is the risk that the exchange rate will move from 800 to 10 in one second

5- Liquidity Risk: this is the risk that, even if you bought 2.000 BTC at 10USD, and now the price is 800USD/BTC (which just make you a virtual millionaire), there's someone on the other side willing to ACTUALLY buy those 2.000 BTC for USD

6- Notional Risk: this is the risk that the "pixel" fiat money you have in your BFX account on the computer screen can be actually transformed into hard cash that you can smell and use to buy a Porsche

And these are just the major ones. Have a look at ANY respectable Forex trading platform, and you will see a comprehensive list of the risk you are facing whenever trading something through an exchange. That goes for everyone, and the reason why all the exchanges sanctioned by the states are so heavily regulated and controlled.

Maybe we should give a little credit to the Bitfinex team, and to all remind ourselves that we're trading cryptos BECAUSE of the high volatility, BECAUSE it's risky and BECAUSE it's still a legal and regulatory "no man's land".

Really? You'll have to point out where that is in the Terms of Service contract you signed with bitfinex...

Guys, we're trading crazy new crypto currencies on utterly unregulated markets.  This is the wild west of the internet!  Its fucking risky

jbssm, as blueberry mentioned if your trades were executed due to the rat's actions, it has to be undone.
You cannot profit from an exploit, simple as that.

i am not so sure, we all know (and love) that we are NOT trading on banking plattforms, but on plattforms that are kind of beta, so dont blame the guys too early, cause for now nobody knows if it is a fuckup-flaw or some  serious genious hack or wahtever.

if you are really asking for a 100% secure plattform, man, shut down your computer, get yourself a rambo training and open up a lemonade stand and then you´ll see about 100% security

my point is: i´d rather have plattforms like the exchanges today, than anything from the banksters with the ridicoulus regulations, where every significant market movement leads to a stop and shit (see gold some weeks ago)

jbssm, Just chill out for a sec, LTC is still at 20 USD. How big is your missed profit?

the rollback has exaclty the same effect as the exchange goin down for a few hours.

How about you stop whining jbssm? You and your other handle. Seriously.

True. We assume risk of trading, not risk of the platform getting exploited.

BUT man, you knew of that risk. if you take margin positions for a longer time you risk some events..

can anyone with experience have a look at the LTC blockchain, to know/guess if the LTC really moved out of BFX?
i'm assuming there should be some major, out of the ordinary movements happening during that time-window...

If they decided to do rollback, they cannot just do rollback on margin trading. It is because the exchange and margin trading orders are matched together.

Unless, they take money from their bags.

Did you sell your LTC @22 during the abnormal trading period in question? If so then the trade should be rolled back since it was only executed because of a malicious hack and therefore are fraudulent trades. 22 was 10% above market value and would not have been reached under any normal market trading circumstances. Btc-e's highest price was 20.45 during this period.



Did your LTC/USD shorts get closed during the abnormal trading period in question? These trades were outlier trades only executed because of a hack and therefore are fraudulent trades, with as much as a 30% price deviation from normal market value. Once again, these prices would not have been reached under any normal market trading circumstances. Btc-e's lowest price during this period was 19.76.



Exchange trades share the same order book with margin trades and are matched with each other. ANY trades made on the BTC/USD or BTC/LTC orderbook during the abnormal trading period are affected and should be reversed.

I Am At Loss Here. where do you think all the lost money went? some hackers got all the money and withdrew while Bitfinex team was sleep, and now they come back and pay you with my money instead of taking the responsibility. I sold my LTC's for f*** sake, and now I'm staring at the price going down holding LTC bag. What did I do wrong to lose money?

hmm how about some staff to manage one of the largest financial centers of bitcoin and the hundreds of millions of dollars of assets. Even mtgox has staff.

Not gained profit isn't a loss!!! Thats like saying if i had bought BTC back in 2011 i would be rich by now... WHERE IS MY PROFIT jbssm?! Give it to me or i'll sue you...
If BFX hadn't rolled back, many users would go default, because their money had gone, and then the whole BFX would go bankrupt with all your money to... I know you are bitter like myself, but put yourself together and understand the situation!

Is the current account balance correct?  

If that's correct can Bitfinex explain to me how could I lose money even though I was short overnight?
I lost about usd 600 (while I was short) instead of making money.

Even if they canceled my short at the sell price  (60 short at usd 21,90) which I bought back at 15,00  that will not explain the lose.
1290790   LTCUSD   100.0   15.0   about 5 hours ago   BFX
1290788   LTCUSD   50.0   15.0   about 5 hours ago   BFX
1290780   LTCUSD   50.0   15.1   about 5 hours ago   BFX
1290777   LTCUSD   50.0   15.1   about 5 hours ago   BFX

So is the current account incorrect or did they take money from my account (and others)?

And yes the response of bitfinex to this extreme situation was rather sloppy, not an exchange worthy.
Don't you have a big red button?

I can't wait for the next big improvement...
Re: [OFFICIAL]Bitfinex.com first Bitcoin P2P lending platform for leverage trading

Hey you guys are busy now of course,
but when you find time how about implementing
some of the Kraken advanced orders to include:



Advanced Order Types

    Stop Loss Limit
    Trailing Stop Limit
    Take Profit
    Take Profit Limit
    Stop, Limit
    Stop Loss, Take Profit
    Stop Loss, Take Profit Limit

That's a fact.

how can you role back trades made in exchange mode? wtf

Rollback is not a solution here, people made decisions and changed hands. rolling back will only make the other half lose. they are just diverting the problem now. the only responsible party here is Bitfinex. they promised us security and now got hacked. I sold my LTC @22 and now it's rolled back, and price is plummeting while I can't do shit. why should I lose money for my correct decision?

It's basic psychology. When you bring important news to one or more nervous people, the first thing you do is try to take away some of the nervousness by saying that the problem is under control. THEN you go into details. Admittedly they could have gone into more detail. There must be more going on than simply a trader "playing with prices". The BTC orderbook was completely screwed up (bid prices above the lowest ask price and vice versa), so it's either a hack, or (more likely) a serious bug that needs to be fixed. I hope they come forward with more details soon.